The economy of Nigeria leaves much to be desired one year after President Muhammadu Buhari took over the helm of affairs.
Stock Market lost N1.732tn in one year under Buhari
The Nigerian Stock Exchange crashed by N1.73tn within one year of the administration of President Muhammadu Buhari. The NSE data showed that market capitalization on May 28, 2015 was N11.658tn while that of May 27, 2016 was N9.926tn. The NSE all share index also crashed to 28,902.25 basis points from 34,310.37 basis points.
Investors in the country’s capital market lost over N1.053 tn in the first quarter of 2016.
Nigeria loses N13bn to oil theft and vandalism in one month
Nigeria has lost about N13billion in one month due to petroleum products theft and vandalization of the facilities of the Nigerian National Petroleum Corporation (NNPC).
While giving the breakdown of losses, NNPC in its monthly financial and operations report for March 2016, disclosed that the crude oil loss amounted to N5.94 billion; petroleum products losses stood at N1.757billion while N4.87 billion was spent on pipeline repairs and management costs.
Economic slowdown triggers 60% decline in vehicle imports
Economic slowdown has triggered 60% decline in vehicles imported into the country from 100,000 cars per year to 40,000 units. Also, only two percent of the population is able to afford new vehicles given the current economic and financing environment.
This was disclosed by Deloitte Africa Automobile Insights, in a report titled, “Navigating the African Automobile Sector: Ethiopia, Kenya and Nigeria.”
FG constitutes committee to recover AMCON loans
A presidential inter-agency committee on recovery of loans granted to commercial banks and corporate organizations by the Asset Management Corporation of Nigeria (AMCON) has been set up by the Federal Government.
This situation has led to the huge indebtedness of banks, which culminated in the eventual purchase of toxic loans by AMCON in order to stabilize the banking sector, and by extension the Nigerian economy.
Marketers defy FG, sell petrol above official ex-depot price
Despite the Federal Government’s recent increase of the price of petrol to reflect the high cost of foreign exchange used in the importation of the product, some marketers and depot owners have defied the government’s directive by selling above the official ex-depot price.
Shortly after the recent adjustment of the pump price to N145 per liter, the Petroleum Products Pricing Regulatory Agency (PPPRA) had in an official letter given a range of N123.28 -N133.28 per liter as the indicative ex-depot price for collection to all marketers and depot owners.
Customs hands over confiscated containers of substandard goods to SON
The Nigeria Customs Service has delivered seized containers containing substandard wires and cables to the Standards Organization of Nigeria (SON).
Despite the efforts of SON and other regulatory agencies, unscrupulous importers have continued to import fake and substandard goods that are harmful to human lives. This act also impacts negatively on local and genuine investments in the country.
CSCS gets A+ rating on risk management
The United Kingdom based risk management and research firm, Thomas Murray Data Services, has upgraded the Central Securities Clearing System Plc from A- to A which indicates “low overall risk.”
The overall rating of “A” reflects a weighted average of seven risk components, according to a statement.
The first half of the year is approaching gradually and the economy is in dire straits at the moment. Ordinary Nigerians are much more concerned about meeting their basic needs but they are still anxious and anticipating if the economy will emerge out of the doldrums?
(Sources: Punch, Vanguard, and This Day Newspapers)